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Suppose that you just bought a four - year $ 1 , 0 0 0 coupon bond with a coupon rate of 6 . 5

Suppose that you just bought a four-year $1,000 coupon bond with a coupon rate of 6.5% when the market interest rate is 6.5%. You sell the bond one year later after the market interest rate falls to 4.5%.
The rate of return earned on the bond during the year was %.(Round your response to two decimal places.)
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